Steven Rattner is a big name in New York financial, media, political and social circles--the consummate insider. His career has been nothing short of phenomenal, but he's just been dealt a rare career setback, one that begs the question: Will he face some sort of enforcement action?

Recall he paid $1.1 million to a shadowy consultant, who helped secure for Rattner's private equity firm Quadrangle, a $100 million boost in money from New York state pension. These sort of pay-to-play consultant deals of course have been under fire across the country. The latest news: Quadrangle has stated publically that what Rattner did was unethical and wrong. The firm is cooperating with authorities and announced a settlement with the state. It has already settled with the SEC. According to Bloomberg, New York AG Andrew Cuomo (Andrew Cuomo news) has obtained six guilty pleas and settlements with 15 firms. So will Rattner, who is no longer with Quadrangle, be indicted? The investigation continues. 

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